Description
Reserve Bank of India releases the quarterly auction calendar for Government of India Treasury Bills for the period January to March 2026, with total issuance of ₹3,84,000 crore.
Summary
The Reserve Bank of India, in consultation with the Government of India, has released the auction calendar for Treasury Bills for the quarter ending March 2026 (January-March 2026). The calendar schedules 12 auction dates with a total notified amount of ₹3,84,000 crore across three tenors: 91-day (₹1,44,000 crore), 182-day (₹1,44,000 crore), and 364-day (₹96,000 crore) Treasury Bills. The press release is dated December 29, 2025.
Key Points
- Total T-Bill issuance planned: ₹3,84,000 crore for Q4 FY2025-26
- 91-day T-Bills: ₹1,44,000 crore across 12 auctions
- 182-day T-Bills: ₹1,44,000 crore across 12 auctions
- 364-day T-Bills: ₹96,000 crore across 12 auctions
- Auctions scheduled weekly, typically on Tuesdays with next-day settlement
- RBI retains flexibility to modify amounts and timing based on government requirements and market conditions
- Changes to the calendar will be communicated through press releases
- Auctions subject to terms in General Notification No. F.No.4(2)-B(W&M)/2018 dated March 26, 2025
Regulatory Changes
No regulatory changes announced. This is a routine operational calendar release. The auctions will continue to be governed by existing General Notification No. F.No.4(2)-B(W&M)/2018 dated March 26, 2025, as amended from time to time.
Compliance Requirements
For market participants:
- Follow the published auction calendar for T-Bill auction dates
- Monitor for any modifications to the calendar through RBI press releases
- Adhere to terms and conditions specified in the applicable General Notification
- Note that calendar is subject to change due to market conditions, government requirements, or intervening holidays
Important Dates
January 2026:
- January 07, 2026 (Auction) / January 08, 2026 (Issue): ₹29,000 crore
- January 14, 2026 (Auction) / January 15, 2026 (Issue): ₹29,000 crore
- January 21, 2026 (Auction) / January 22, 2026 (Issue): ₹29,000 crore
- January 28, 2026 (Auction) / January 29, 2026 (Issue): ₹29,000 crore
February 2026:
- February 04, 2026 (Auction) / February 05, 2026 (Issue): ₹29,000 crore
- February 11, 2026 (Auction) / February 12, 2026 (Issue): ₹34,000 crore
- February 18, 2026 (Auction) / February 20, 2026 (Issue): ₹34,000 crore
- February 25, 2026 (Auction) / February 26, 2026 (Issue): ₹34,000 crore
March 2026:
- March 04, 2026 (Auction) / March 05, 2026 (Issue): ₹34,000 crore
- March 11, 2026 (Auction) / March 12, 2026 (Issue): ₹34,000 crore
- March 18, 2026 (Auction) / March 20, 2026 (Issue): ₹34,000 crore
- March 25, 2026 (Auction) / March 27, 2026 (Issue): ₹35,000 crore
Impact Assessment
Market Impact: Medium. The auction calendar provides visibility into government borrowing plans through short-term instruments for the quarter, enabling debt market participants to plan liquidity and investment strategies. The higher auction amounts in February-March (₹34,000-35,000 crore vs ₹29,000 crore in January) indicate increased short-term funding requirements toward quarter-end.
Liquidity Impact: The staggered weekly auctions ensure regular liquidity absorption from the banking system. The total issuance of ₹3,84,000 crore represents routine government cash management operations.
Investor Impact: Relevant for money market participants, banks, primary dealers, mutual funds, and institutional investors who participate in T-Bill auctions. Provides advance planning opportunity for short-term investment allocations.
Flexibility Caveat: RBI’s stated flexibility to modify amounts and timing means participants should monitor for updates, particularly around evolving market conditions or government financing needs.
Impact Justification
Routine quarterly auction calendar for government treasury bills. Important for debt market participants and liquidity planning but represents standard operational activity with no unexpected changes.